Sentry triples its valuation to over $3 billion after raising $90M in Series E funding to grow its application monitoring platform
What a difference a year makes. It was just like yesterday when we covered Sentry after the San Francisco-based application monitoring tech startup raised $60 million in Series D funding led by Accel, the first investor in the company that also led its seed round in 2015. Now the company has done it again.
Today, Sentry announced it has raised $90 million for its Series E funding co-led by BOND and Accel, with participation from existing investor New Enterprise Associates (NEA) and new investor K5 Global. The new round brings the company’s total funding to $217 million and valuing the company at more than $3 billion.
Sentry will use the new capital infusion to fuel its long-term growth for product development, hiring, and global expansion in Europe. The startup will also use the proceeds to expand and drive the adoption of its developer-first application monitoring platform.
Founded in 2012 by Chris Jennings and David Cramer, the San Francisco-based Sentry is a provider of application monitoring platform that helps every developer diagnose, fix, and optimize the performance of their code. Its platform is used by 1 million developers and companies, including Disney, Peloton, Cloudflare, Eventbrite, Slack, Supercell, and Rockstar Games.
Sentry is reshaping application performance monitoring (APM) by directly addressing the developer experience gap. With the proliferation of applications, languages, and frameworks, Sentry empowers any developer or development team to solve issues in production code by using one tool to monitor for errors, performance, and health across mobile, desktop, and IoT, and across any industry or vertical.
In the past year, the company saw rapid growth driven by customer adoption of Error and Performance Monitoring, with net expansion of annual recurring revenue (ARR) increasing by 130%+ year over year. Sentry now processes 790+ billion events per month, with mobile events increasing by more than 100% year over year.
“Our singular focus on developers, combined with the depth of our platform across 100+ languages, allows us to uniquely solve developer problems for every customer and software environment,” said Milin Desai, CEO at Sentry. “Revenue has more than tripled in just over two years, and our team will continue to be laser-focused on providing engineering organizations with the ability to ship better code faster.”
“Our customers expect constant improvements to the product experience along with new feature updates, and without any disruptions to their current workflows,” said Kah Seng Tay, GM and Head of Cloud and Developer Infrastructure at Airtable. “With Sentry providing accurate and diagnosable alerts, we’re able to better triage incidents during deployment and decentralize our release process. This all results in our engineering teams being able to ship code more efficiently and more frequently, while still keeping the quality of our service high.”
“We ship a tremendous amount of code — eight deployments at the top of every hour — to launch new features. Combined with a highly distributed architecture, it was getting more and more complex for our teams to identify and fix errors and performance issues,” said Eviathar Moussaffi, Group Lead of Engineering at monday.com. “Providing the most optimal user experience to our customers is critical to the success of our business, and Sentry allows us to eliminate unnecessary noise and reduces the time to resolution, so our developers can be most effective. The demands on our business are only going to increase, and Sentry provides a way for our team to have a holistic view of the health of our applications.”
“The rate at which businesses are moving towards a digital-first mindset is unprecedented,” said Jay Simons, General Partner at BOND. “In order to sustain applications, programs, and mobile, the proper infrastructure needs to be in place to manage and monitor the health of every customer solution. For many businesses, an error in code or a performance issue in the final touchpoint with an end-user can mean the loss of a sale or customer.”
“The rate of software development is going to exponentially increase, and developers are seeking ways to quickly solve any issues that will affect the end-user experience,” said Dan Levine, Partner at Accel, a firm that has also invested in companies like Atlassian, CrowdStrike, Dropbox, PagerDuty, Qualtrics, and Slack. “With Sentry, companies can not only pinpoint the exact issue but also proactively monitor their application health. As we continue to see the move towards a digital-first world, Sentry is well-positioned to help companies, from small businesses to enterprises, ensure that they’re keeping up with customer expectations.”
To support growing demand, Sentry’s team has grown nearly 75% worldwide since this time last year, with plans to continue hiring for all offices, including a new hub opening in Europe. With this round of funding, Sentry will accelerate its go-to-market motion and teams, as the company expands on its product-led growth model and servicing its global customer base.